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I finally gave the 50/30/20 budget rule a real shot after thinking it was too simple to work.
After tracking every dollar for a month, I found that putting 20% of my $4,200 monthly income straight into savings actually left me with more spending money than my old, messy system did.
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willowc602mo agoMost Upvoted
Wait, did you have to adjust your 20% at all for big bills like car insurance? I tried the same thing last year but my insurance is paid every six months, so the month it hit my checking account was a total mess. I ended up having to keep a separate little pot for those yearly things.
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sammurray3mo ago
Glad it worked, but you're actually saving 20% of your take-home pay, not your total income.
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jason1123mo ago
@sammurray It's still a solid chunk of change either way, right? Not sure the exact math matters that much.
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